GENIUS Act Stablecoin Legislation Moves to Trump Following House Endorsement
On July 17, the U.S. House of Representatives approved the GENIUS Act with a vote of 308 to 122, a bill dedicated entirely to stablecoins. This legislation is now headed to President Trump’s desk, potentially paving the way for the first definitive federal regulations concerning dollar-pegged digital tokens.
Stablecoins Take Center Stage
The GENIUS Act establishes a clear guideline: each stablecoin must be supported one-to-one by cash or liquid assets, and issuers are mandated to disclose those reserves publicly. Proponents argue that this could avert another crisis like the Terra debacle and finally provide U.S. users with a stablecoin they can genuinely rely on.
Tomorrow Friday 2:30 PM EST
historical moment will be chronicled for posterity
Signing event for industry leaders and lawmakers will witness Trump
signing the Genius Act
— Majeed
This decision also addresses increasing demands from crypto supporters who have been requesting greater clarity regarding transparency and security.
Three Pieces of Legislation, One Major Initiative
The stablecoin legislation is part of a larger initiative. In addition to the GENIUS Act, the House also passed the CLARITY Act and the Anti-CBDC Surveillance State Act. The CLARITY Act would provide the CFTC with enhanced authority over crypto markets, while the Anti-CBDC bill seeks to prevent any digital dollar initiatives from the Federal Reserve. Republicans advanced all three during what they termed “Crypto Week,” an organized series of legislative actions aimed at redefining the nation’s stance on digital assets.
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Trump’s Shift Towards Crypto
President Trump has shown open enthusiasm for crypto asset in recent times and has expressed a desire for the U.S. to lead in this space. Approving the GENIUS Act would reinforce this commitment.
The shift from the previous administration’s more reserved approach is evident, as Trump has adopted crypto policy as a pivotal issue for the upcoming election.
Some Remain Skeptical
However, not everyone is in favor. Legislators like Maxine Waters and Elizabeth Warren have expressed concerns regarding the bill’s insufficient protections. They have also raised alarms about possible conflicts of interest, highlighting that some members of the Trump family are linked to crypto companies. Conversely, industry organizations consider the bill a positive indication that Washington is finally ready to participate rather than block.
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Senate Status Remains Uncertain
While the GENIUS Act has been passed by the Senate, the other two pieces of legislation still await approval in that chamber. The pressing question is whether Senate leaders will expedite their progress or allow them to become mired in delays. Regardless, the outcome could influence the level of regulatory clarity that crypto markets receive before the upcoming election.
Trading market Reactions
Traders anticipated this development. BTC had already surged in advance of the vote and remained stable after the bill’s passage. Analysts indicate that the next steps hinge on the Senate’s actions. If Congress acts on these measures and the president signs all three bills, it could pave the way for new investments entering the market, particularly from institutions that have been cautious thus far.
Conclusion
The GENIUS Act may mark the dawn of a new era for U.S. cryptocurrency regulation. It establishes a framework for stablecoins and signals that lawmakers are beginning to take digital assets seriously. However, the true test lies in the unfolding events, and whether the Senate and the White House can transform this momentum into enduring legislation.
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Key Takeaways
- The U.S. House approved the GENIUS Act with a vote of 308 to 122, forwarding the first major stablecoin legislation to President Trump for his endorsement.
- The GENIUS Act mandates that all stablecoins be secured one-to-one by cash or liquid assets, requiring complete public disclosure of reserves.
- This legislation is part of a broader initiative that also features the CLARITY Act and the Anti-CBDC Act, all passed during a Republican-led “Crypto Week.”
- Trump’s visible backing of crypto intensifies the pressure on the Senate, especially with the election season underway.
- Traders maintained their positions following the vote, but focus has now shifted to the Senate’s actions regarding the complete legislative package.
The post GENIUS Act Stablecoin Bill Heads to Trump After House Approval appeared first on 99Bitcoins.
